Permanent life provides you with life insurance that lasts your entire lifetime, as long as you pay your premiums on time. It builds up some cash value inside your policy over the years; as well as, paying out a death benefit upon your death.
Whereas, term life is temporary coverage lasting for the "Term" of your policy. Term life usually offers "term" options of 10, 15, 20, 25 or 30 years.
If you pass away during the policy term, your beneficiary is paid the death benefit from your life insurance policy.
However, if you outlive the duration of your policy, there is no payout of any death benefits, and your coverage ends.
That's why permanent life insurance usually costs up to 3-5 times more than term life insurance.
If you need life insurance lasting for 30 years or less, then term life is the more affordable option.
Learn more about permanent vs term insurance.